Indian Hotels divests 5.1% stake in Belmond for USD 49.57 mn

Indian Hotels Company today said its overseas subsidiary Samsara Properties has sold 51.75 lakh class A shares of Belmond for a consideration of USD 49.57 million (over Rs 330 crore) to pare debt.
"Samsara Properties, the company's indirect overseas wholly-owned subsidiary, has sold 5,175,000 Class 'A' common shares of the face value of USD 0.01 each of Belmond representing 5.1 per cent of the total outstanding Class 'A' common shares for a net consideration of USD 49.57 million," Indian Hotels said in a BSE filing.
The sale proceeds will be utilised largely for retirement of debt, it added.
Belmond has a collection of 46 hotels, trains and river cruises in 22 countries.

"Post the above sale, Samsara Properties continues to hold 0.44 per cent of the Class 'A' common shares of Belmond," it added.
Indian Hotels Company shares today closed 1.89 per cent up at Rs 129.50 on BSE.